AML audit preparation and review assess programme governance, risk assessment and operating evidence within a clearly defined examination scope.
Understanding AML Audit & Review Support
When to consider this service
Compliance officers, financial institutions and transaction teams reviewing customer risk, foreign investment or financial-crime controls can use this service to clarify a particular issue. A useful starting question is: “How is an AML audit different from implementing the programme?” Begin with the facts behind that question rather than assuming that a standard package will resolve it.
Scope of work
The engagement can cover the following workstreams. The proposal specifies which apply to your matter and what evidence or specialist input is needed.
- Plan independent review criteria and coverage.
- Examine onboarding monitoring and reporting evidence.
- Document findings and follow-up verification.
Documents and information to prepare
Start with the records below where available. They help establish the facts before a more specific checklist is agreed.
- Risk assessments.
- Customer samples.
- Alert records.
- Audit histories.
Provide the relevant entity, transaction or reporting period and any existing notice or deadline. Identify missing or inconsistent records so they can be addressed explicitly.
A key issue to resolve
Independence and professional eligibility should be established for any formal assurance engagement.
How the engagement works
- Define the question: plan independent review criteria and coverage, using the available risk assessments and the facts you provide.
- Examine the evidence: examine onboarding monitoring and reporting evidence. Record unresolved information and the assumptions that affect the analysis.
- Agree the action: document findings and follow-up verification. Set the required deliverables, responsible owners and any follow-up or external dependency.
Deliverables, fees and timing
The proposal for AML Audit & Review Support sets out the analysis, documentation or coordination deliverables and the work you retain. The availability of risk assessments, customer samples, alert records and audit histories affects readiness and the amount of follow-up needed. Fees and the working schedule are agreed after that initial assessment. Any required independent report, legal representation or authority application is identified as a separate responsibility where relevant.
Official resources
Use these official resources for the relevant framework. Application to a particular entity, period or jurisdiction requires a separate assessment.
Discuss your requirement
Share a short summary of your AML Audit & Review Support requirement and the records already available. BIATConsultant can assess the proposed scope and explain the next steps.
FAQ
Practical questions about AML Audit & Review Support.
How is an AML audit different from implementing the programme?
Independence and professional eligibility should be established for any formal assurance engagement.
What records should I prepare for AML Audit & Review Support?
What can the scope of AML Audit & Review Support include?
How are fees and the schedule agreed?